Word: macau
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Dates: during 2000-2009
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Nobody plays "Can you top this?" better than Steve Wynn and Sheldon Adelson. Wynn, 64, is standing behind his desk, casually clad in a white polo shirt and beaming from ear to ear--with good reason. This morning he has just pocketed $900 million from the sale of a Macau gaming subconcession. A few days earlier, he opened the Wynn Macau hotel-casino with a barrage of fireworks and dancing fountains. The $1.2 billion, 600-room palace is the first Vegas-style luxury-hotel offering in Asia's booming gambling market. "This is a new Macau," says Wynn. "Would...
...five-minute drive away, Adelson, chairman of Las Vegas Sands, is thoroughly unimpressed. Adelson, 73, is ensconced in a sofa-laden suite at his own casino, the shimmering gold Sands Macau, being fussed over by an overprotective bodyguard, an intrusive makeup artist and his doctor wife. The Sands has already been raking in a fortune in Macau for two years, and, after a recent expansion, it rates as the largest casino in the world. And he's just getting started. On a band of reclaimed land called Cotai, between Macau's two outer islands, Adelson is creating an Asian Vegas...
...banging heads in Las Vegas for years, and now their feud has been airlifted to China. The stakes couldn't be higher--then again, neither could the opportunity. With China's booming economy boosting the incomes of its 1.3 billion baccarat-crazed people by the day, gaming revenues in Macau will probably overtake the Vegas Strip's this year...
...reflection of any deep understanding on his part as it is his personality. He can't help himself," Wynn says. His posh inn, Wynn believes, will draw customers who will run up larger tabs--and create fatter profits. "Bigger ain't better. Better is better," Wynn says. The Wynn Macau "would look not like an office building, but a resort. We will always get our market share, because we've got a better mousetrap." Adelson has "got an advantage, but I'll catch up lickety-split," Wynn says...
Adelson says that Wynn misses the point in Macau. Although he concedes that Wynn "does a very good job at the high end of the market" and "a good job at design," he adds that Wynn loses money on the bottom line. "Steve Wynn's objective is to get everybody to say he does a nice design and swoon over his design, and he obviously doesn't care about making money," says Adelson. "So why should I be concerned about a guy like that...